Benzinga | Aug 5, 2021 12:02PM EDT

Brink's Enters $50M Accelerated Share Repurchase Agreement

* Brink's Company (NYSE:BCO) has entered into an accelerated share repurchase agreement (ASR) with J.P. Morgan Chase Bank, N.A., to repurchase $50 million of its common stock.

* The company will execute the ASR under a $250 million share repurchase program authorized on February 6, 2020.

* Upon completion of this ASR, Brink's will have $150 million remaining under the authorization.

* Brink's will receive approximately 524,315 shares, representing ~80% of the total shares it expects to repurchase under the ASR agreement. It expects to receive the balance of 20% of the remaining shares under the agreement by no later than November 24, 2021.

* As of June 30, 2021, Brink's had ~50.5 million fully diluted shares outstanding.

* Price Action: BCO shares are trading higher by 3.15% at $78.69 on the last check Thursday.